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December 17th, 2013: SP-500 EOD Update

Posted by pugsma on December 17, 2013

4:30 pm EST:   The primary count is that wave (2) of minor 3 of major [5]-P3-C1 ended at 1772 as the 62% retracement of wave (1).  Wave (3) of minor 3 is underway headed for 1856, where (3)=1.23*(1) or 1882, where (3)=1.62*(1).  This first wave i-(3) looks to have ended at 1782 and wave ii-(3) ended at 1773.   From wave the wave ii-(3) low of 1773, we have a wave 1-iii-(3) up to 1792 and wave 2-iii-(3) at 1777.  Wave 3-iii-(3) should now get underway headed for 1829, where 3=2.62*1.   This primary count remains valid above the wave (2) low of 1772.  Should the SP-500 price drop below 1772, then wave (2) of minor 3 would still be unfolding lower and is valid above the minor 2 low of 1746.

The alternate (blue) count is that P3-C1 topped at 1813 and a significant P4-C1 correction down towards the 1576 pivot is underway that will last several months.  The first wave down is minor 1 of major [A]-P4 and is likely headed for 1746 or below.  Wave (1) of minor 1 completed at 1779, wave (2) ended at 1812 and now wave (3) is headed for a target area of 1756, where (3)=1.62*(1).  This alternate (blue) count remains valid as long as wav (2) of minor 1 remains below 1814.

SP-500 15-min chart (EOD):

PUG SP-500 15-min EOD 12-17-13

SP-500 60-min chart (EOD):

PUG SP-500 60-min EOD 12-17-13

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